TRADE UPDATE – 18 DECEMBER 2024: AUSTRALIA TO LEAD CPTPP FTA, NZ MINISTER JETS TO INDIA, AUSTRALIA EXTENDS INQUIRY and many more…
Weekly trade review provided by Chatto Creek Advisory Pty.
Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specialising in trade policy advice and government engagement strategy. It is headed by Russell Scoular, an executive with rich government relations, trade policy, and business experience throughout the Asia Pacific.
AUSTRALIA TO LEAD CPTPP FTA: Australia will take over from Canada on January 1 as chair of the CPTPP FTA Commission for 2025. In a series of other regional changes, Malaysia will succeed Lao PDR as the chair of ASEAN for 2025 and South Korea will succeed Peru as the host economy for APEC for 2025.
NZ MINISTER JETS TO INDIA: Trade Minister McClay has jetted to India this week in a bid to further boost trade relations between the two economies. He is scheduled to meet with Commerce Minister Goyal. New Zealand has been working strenuously to secure India’s agreement to negotiate a free trade agreement.
AUSTRALIA EXTENDS INQUIRY: Australia has extended its dumping and subsidy inquiry into tomatoes from Italy. A report is now due by August 2025. The inquiry has sparked a sharp response from the European Commission which has spoken of inaccurate allegations and an absence of evidence.
US ESTABLISHES NEW TASK FORCE: President Biden has established a Countering Economic Coercion Task Force in a bid to boost responses to coercive economic practices by such economies as China. A range of top government trade, diplomatic and intelligence agencies will be represented on the task force.
WTO CONFIRMS NEXT MINISTERIAL COUNCIL: The World Trade Organisation has confirmed that its 14thMinisterial Council will be held in Cameroon in March 2026. It follows the previous council meeting in Abu Dhabi earlier this year. The Ministerial Council is the WTO’s highest decision-making body.
NEW ZEALAND-THAILAND FTA NEARS FULL IMPLEMENTATION: The NZ-Thailand Closer Economic Partnership Agreement will reach its full implementation on January 1 when the remaining tariffs and quotas on NZ dairy products are lifted. This is 20 years after the trade agreement entered into force.
SOUTH KOREA & EU TALK DIGITAL: Officials from South Korea and the EU met in Seoul this week for a 7th round of negotiations for a bilateral digital trade agreement. The negotiations began in October 2023. Meanwhile, Thailand and South Korean officials have met in Bangkok to accelerate trade negotiations.
PHILIPPINES TO BOOST HALAL EXPORTS: The Philippines has established a National Halal Industry and Development Office to boost its halal industry. It will be the central coordinating body for all halal industry initiatives in a bid by the Philippines to expand the export potential of its products.
SOUTH KOREA ADVANCES THINK TANK: Trade Minister Cheong this week chaired an ASEAN-South Korea Think Tank Dialogue roundtable on Economic and Trade Policy. It sought to advance preparations for the launching in 2025 of a new think tank dialogue between South Korea and ASEAN economies.
INDIA & SRI LANKA LOOK TO TRADE POTENTIAL: Prime Minister Modi and President Disanayaka met in Delhi this week where they agreed there was immense potential to further expand trade ties. They also agreed to enhance local currency trade settlements and to invest Indian investment in Sri Lanka.
